What is Filecoin (FIL)?
The Filecoin network is a decentralized file storage network that allows anyone to store, retrieve and host digital data. FIL is the token that powers the Filecoin network, and used as payment for services.
Operating on the blockchain, Filecoin allows for secure storage of digital data such as company files, music, private data, websites, videos or any other digital files. Filecoin nodes are peers that sync the Filecoin blockchain & validate the messages in every block. Nodes can manage Filecoin wallets & receive FIL on them.
Filecoin miners provide services to the network by executing different types of deals & appending new blocks to the chain in exchange for FIL rewards.
The Filecoin protocol & storage network can also be leveraged to build dApps and other applications on Web3.
Website: https://spec.filecoin.io/
DISCLAIMER
The contents on this site are for informational and entertainment purposes only and does not constitute financial, accounting, or legal advice. By consuming this content, you agree to hold us harmless from any ramifications, financial or otherwise, that occur to you as a result of acting on information found on this site. This page may contain affiliate links to products. We may receive a commission for purchases made through these links at no additional cost to you.